Yzerman had an osteotomy -- a procedure that corrects the alignment of the knee, thus transferring pressure to the proper area.
Red Wings team physician Dr. David Collon said the surgery was "totally successful."
Yzerman, 37, is expected to return to the Red Wings during a window of late December to early February.
"We're very pleased with the result of Steve's surgery," Red Wings general manager Ken Holland said. "We're optimistic that he will return to the lineup sometime in the middle of the 2002-03 season."
Detroit's long-time captain, Yzerman injured the knee last January and aggravated it at the Salt Lake City Olympics, where he won a gold medal with Canada. He missed 24 games during the season but appeared in all 23 playoff games and ranked second in the NHL in scoring with six goals and 17 assists.
Yzerman was sixth on the team in scoring during the regular season with 13 goals and 35 assists in 52 games.